Uncertainty is confounding by its very definition. In the economy, uncertainty can arise from a number of different corners, including wars, natural disasters, and, of course, government decisions—or indecision.

Some 21 US states allow banks to foreclose on delinquent homeowners without first suing them in court, a concession that lets lenders bypass the costlier and lengthier legal process required elsewhere.

Economists and policymakers have yet to reach a consensus about how much we should pay now to avert this catastrophe, but research suggests we may want to pay hundreds of billions of dollars today to ward off trillions in future damages.